Pratt industries has announced the acquisition of Love Box Company and Lewisburg container. This makes Pratt the USA’s largest privately-owned packaging and recycling company.
The deal almost doubles Pratt’s presence in the North American market from 35 facilities to 60, and increases its workforce to almost 3,400 employees (up from 2,000).
“It’s with great pride that we announce this deal,” said Pratt chairman and CEO Anthony Pratt. “The agreement unites two of the industry’s best and most progressive family-owned businesses. It allows us to move forward with complete focus on our customers utilizing the unique strengths and values which we collectively bring to the marketplace.”
Pratt said the merged enterprise is particularly gratifying given that many companies in the industry continue to contract and consolidate.
“We’re focused on growth and we will continue to expand,” he said. “We open factories, not close them. So we welcome the Love Box family to ours — the fastest growing paper and packaging company in the United States.”
Senior executives for Pratt and the Kansas-based Love Box Company — both third-generation companies — said the two companies were a “natural fit” with synergies that will benefit not only their employees but the more than 7,000 customers they service.
Randy Love, CEO of Love Box Company, stated, “The synergies from these merged interests will be outstanding. Our shared values and combined resources will provide great benefit to both our customers and employees. In the interest of our customers, we will provide a far greater ability to serve their needs, not only regionally, but also nationally and globally. Employing Pratt’s excellent foundational paper resources, we anticipate providing greater, low-cost product-to-market solutions.
“It’s rare that two companies are so perfectly matched in terms of philosophy, entrepreneurship, geography, converting capability and an absolute desire to serve our customers,” said Pratt’s chief operating officer Brian McPheely. “As many in the industry know, Pratt has enjoyed a close relationship with Love for more than a decade as a paper supplier and each has supplied boxes for the other.
“This is a perfect fit.”
The deal also consolidates Pratt’s position as the seventh largest corrugated packaging company in the United States. Love enterprises has more than 80 years of experience in the corrugated industry and facilities in 10 states throughout the Midwest.
For Pratt deputy CEO Mike Harwood, the Love acquisition is a very personal thing.
“I’ve been fortunate enough to know the Love family for over 30 years and consider many of their team good friends,” he said.
Terms of the deal were not disclosed.
For additional information contact Michael R. Harwood, Deputy Chief Executive Officer of Pratt industries at 678-607-1431.